Oil and gas companies are struggling to cope with falling prices, oil field depletion, and difficulties in seeking new fields.

The $1.386 billion added investment will help accelerate Long Son Petrochemical Complex that has fallen behind schedule.

Pressed by COVID-19 and the oil price war between Russia and the OPEC, local petroleum manufacturers expect great plunges in revenue.

The revenues of PetroVietnam and Petrolimex slumped by $6.13 billion and $521.74 million this year due to the dropping oil price and the COVID-19 health crisis.

Though the steep dive in global crude oil price will benefit domestic logistics and production, it will not be good for local petrol firms and the state budget.

As Covid-19 has been escalating and the oil price has fallen, the national oil and gas group PetroVietnam is considering several possible scenarios, including mine closure. It is also considering buying crude oil to store.

“Despite waves and storms, we the DK rig soldiers are still here. There is no fear among DK rig soldiers who are not afraid of thunderstorms.” 

Nine industries could be negatively affected in the short term by the fallout of the coronavirus epidemic, according to SSI Securities Corp.

With the support of the two governments, Vietnam’s oil and gas industry is expected to continue developing strongly.

The current reserves of gas fields in Vietnam are estimated at 700 billion cubic meters, an amount that can be exploited for 40-50 years.